Forex Signals Sept 16th – EURUSD Dead Cat Bounce

Daily Outlook: Our trade from Tuesday got stopped out for +10 pips (it got up to +50) on our tightened stop loss, and no additional trades were made yesterday as the pair busted through the top of its channel without ever dipping to the bottom of the channel.

Bulls accelerated upward yesterday through the top of the channel, forming triple support fan-lines before dying out at 1.3900. We are still primarily bearish on the pair but will begin adding more longs to our setups to acknowledge the recent bullish influence on the charts.

Trading Idea: For our primary trade we are looking to get short on a sustained break below 1.3825 (aggressive rising support) with targets at: 3800, 3775, 3750 and 3725 for 100 pips potential.

We will also look to close and get long near 1.3800-3815 (for those wishing to get long first this could be considered the primary trade) with CandlePRO candlestick confirmation and targets at 3830, 3855, 3880 and 3910 for 100-115 pips profit.

RISK WARNING: Trading in any off-exchange forex market may have potential rewards, but also brings with it potential risks. There is considerable exposure to risk in any off-exchange financial transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a financial asset. Please be aware of the risks and be willing to accept them in order to trade forex. Forexnewsnow.com is an informational resource designed to provide forex broker reviews, top forex brokers information and forex reviews but does not take any responsibility and/or liability for any financial investing of any sort that was initiated and/or carried out based upon or using information from forexnewsnow.com and/or its affiliates. Before deciding to participate in the off-exchange forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Do not trade with money you cannot afford to lose. Forexnewsnow.com is owned by Promolity, a for-profit organization that earns revenues from the advertising displayed on Forexnewsnow.com and related websites.